Dec
16

Real Data: Columbia Apartment Vacancy Unchanged

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According to Real Data, the vacancy rate for the Columbia area remained unchanged over the past six months. The Northwest submarket experienced the strongest demand during this time period. There is continued interest for apartment development particularly in the Northeast and Central submarkets. There are nearly 1,800 units proposed and approximately 700 units under-construction throughout the Columbia metro area. Same-store rents increased bringing the average monthly rent to $838.

Demand is expected to remain strong over the next year which will likely keep occupancy rates steady. Rental rates are projected to increase 3-4% over the next year.

 

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    Categories : Columbia

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